CPLG11 quote: three things have changed — and it’s worth understanding before deciding.
The Management Report of May (RG 29/05/2026) brought the most relevant operational change of the year to the year. CPLG11: the shed of São Bernardo do Campo was 100% leased to the Free Market, what, what? Zero zero zero zero zero zero zero zero zero zero zero zero zero portfolio — physical and financial. Together came two contracts together. Built-to-suite built-to-suite Long-term atypicals: one with the Mercado Livre in Jacareí Jacareí (12 years, yield on cost 10.90%) and another with the same. Amazon Amazon in São José dos Pinhais (10 years, yield on cost 10.50%).
Is it possible to change the thesis? Changes — but not in the way the title suggests at first glance. The "zero" vacancy is partly accountable: two of the three sheds are still standing. Workspots construction sites. The rent contracted is robust and the tenants have degree of investment, but today's quoter is buying. Execution future execution future execution, no flow already stabilized. The recurring dividend fell from R$ 0.20 to R$ 0.20 R$ 0.12/month — and that is standardization, not deterioration.
Verdict Quick: ACUMULAR in absolute terms (note 7.0). In the direct dispute with logistics brick pairs, logistic brick pairs, MANTER (relative note 6.5, bucket second). Whoever enters pays premium of 9% on the capital value betting that the works leave on time.
The current photo of the background
What changed in the thesis — the three events of the RG May events
O O O CPLG11 is a logistics development fund of the Captaincy. Until April, he carried a residual vacancy in the warehouse of São Bernardo and two plots of land about to be turned into work. In 30 days, three pieces fit:
Together, these three moves turn the CPLG11 from "ground background and vacancy" into "fund with 100% of the income contracted and locked in IPCA for a decade or more.". The quality of tenants is the high point: Mercado Livre carries rating rating Baa3/BBB-/BBB-- (degree of investment) and Amazon and Amazon. A1/AA/AA-ZQX (Strong investment degree).). They are not risky tenants — they are two of the largest logistics operations in the world.
The asterisk is important and the report itself does not hide: Two of the three sheds still do not physically exist.. Jacareí is with 0.37% of the completed work (terraplenage and beginning of foundations) and São José dos Pinhais with 5.6%. The income from these two ends only begins to flow when the keys are delivered — ten/2026 and abr/2027. Until then, "zero vacation" is a contractual truth, not operational.
The model BTS of Capitania, explained without oversimplifying it.
Built-to-suite built-to-suite (BTS, or "tailor-made") is a contract in which the fund constructs a real estate property. specifically for an inquilino., which undertakes to rent it for a long time before the work even begins. In exchange for taking on the development risk, the fund locks up a higher rent and a captive tenant for many years.
Difference Between The Difference Between Typical Contract Typical Contract and and y Atypical contract. is the heart of risk here — and few quotators understand:
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|---|---|---|
| Who takes the risk? | More from the background | More from the inquilino |
| Early departure early departure | Proportional fine, you can review rental. | Tenant pays rents remanescentes (multa llena) |
| Revisional de alquiler de coches | Every year 3 years (market can fall) | There is — only index readjustment (IPCA) |
| Typical term Typical term | 5 years years | 10 to 20 years years |
| Predictability | Media Media | Alta Alta |
Translating: in the atypical contract, if the Free Market wants to leave Jacareí in the year 3, it has to pay the remaining 9 rent years. This shields the cash flow from the fund almost completely — provided the tenant is solvent (and both are investment grade). This is why the São Bernardo shed (typical, 5 years) is treated as the lowest quality contractual asset in the portfolio, while Jacareí and SJP (atypical, 12 and 10 years) are the predictability engine.
Cap rate and yield on cost: what these numbers mean
O O O Head Rate Head Rate is the annual rent divided by the market value of the property — how much the brick yields per year. O O O Yield on cost. (income on cost) is the annual rent divided by the annual rent divided by the annual rent divided by the annual rent divided by the annual rent divided by the annual rent divided by the annual rent divided by the annual rent divided by the annual rent divided by the annual rent divided by the annual rent. How much did it cost to build? The immovable. In projects BTS, the yield on cost is the number that matters, because the fund is buying the land and building: the higher, the more profitable the development.
Os Os 10.90% from Jacareí and and y 10.50% of SJPX% They are robust yields on cost for the current interest environment. To put it in perspective: a ready-made and stabilized AAA logistic shed on the secondary market today trades cap rates from 8.5% to 9.5%. In developing, Captaincy captures an award from 1 to 2 percentage points — exactly the remuneration for the risk of execution of the work.
The 1o cycle as proof of concept
That's not theory. The fund was launched in October of 2023 and on its own. First Cy Cy First Cy First Cy Cy First Cy Cy First Cy Cy Cy First Cy Cy First Cy Cy First Cy Cy Cy First Cy Cy Cy First Cy Cy Cy First Cy Cy Cy First Cy Cy Cy First Cy Cy Cy First Cy Cy First Cy Cy Cy Cy First Cy Cy Cy First Cy Cy First Cy Cy Cy First Cy Cy First Cy Cy Cy First First Cy Cy Cy Cy First First Cy Cy Cy First Cy Cy Cy First Cy Cy Cy First First Cy Cy Cy Cy First First First Cy Cy First First First Cy Cy Cy First First Cy Cy First First First First First First Cy Cy Cy First First First Cy Cy Cy Cy Cy First First First First First First First First Cy Cy Cy Cy Cy Cy Cy Cy First First First First First Cy Cy Cy Cy First First Cy Cy First First First First First First First Cy Cy Cy Cy Cy Cy Cy Cy First First First First First First First First First Cy Cy Cy Cy Cy First First First First First Cy Cy Cy Cy Cy Cy Cy First First First First First First First First Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy First First First First First First First First First First First First First First First First First First First First First First First Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy First First First First First First First Cy Cy Cy Cy Cy Cy First First First First First First First First First First First First First First Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy First First First First First First First First First First First First First First First First First First Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy First First First First First First First First First Cy Cy Cy Cy First First Cy Cy Cy Cy Cy First First First First First First First First First First First First Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy First First First First First First First First Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy First First First First First First First First First First Cy Cy Cy Cy Cy Cy Cy First First First First First First First First First First First First First First First First First First First Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy First First First First First First First First First First First First Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy Cy First First First First First First First First First First First Cy Cy Cy, did exactly that: developed AAA sheds, stabilized and stabilized and desinvestiu com ganho de capital capital. The numbers of the 1o cycle:
The CPLG11 delivered. +37,9% market share since launch, against +21.3% of IFIX and +31.2% of CDI net. The cycle model worked once. The 2o cycle — Jacareí, SJP and Immigrants — is the bet that it repeats itself. The difference is that, in the 2o cycle, the fund manager chose to lock down tenants of investment grade. before before before before before before before before before before before before before before before before before before before before of the work, reducing the commercial risk that existed in the 1o cycle.
The current portfolio: three sheds, two tenants.
| Ativo | Inquilino Inquilino | ABL | Participate. | Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra Contra | Yield on cost | Estágio Estágio |
|---|---|---|---|---|---|---|
| CPLG Meli Jacareí (SP) | The market is free. | 134,257 m2 m2 | 83% | BTS atypical, 12 to IPCA atypical, 12 to IPCA | 10,90% | In progress (0.37%) — delivery Apr/27X% |
| Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon Amazon | Amazon Amazon Amazon Amazon Amazon | 60,705 m2 m2 | 77% | BTS atypical, 10 to IPCA atypical, 10 to IPCA | 10,50% | In the works (5.6%) — delivery ten/26X% |
| CPLG SBC Immigrants (SP) | The market is free. | 74,926 m2 m2 | 32% | Typical, 5 to IPCAX | — | Performed — 100% located |
Three observations that the table does not count on its own:
Jacareí is the heart of the background. — accounts for about 61% of the value portfolio, with 83% holdings. It is the largest shed, the one with the highest yield on cost and, at the same time, the one that is. Later physically behind physically. (0.37). The thesis of the CPLG11 in the next months 12 is, in good part, the thesis of Jacareí leaving the paper.
São José dos Pinhais is the short-term trigger. — delivery in December/2026 and is already in 5.6% work. It is the first asset of the 2 cycle to start generating recurring income, which should sustain (or raise) the dividend at the beginning of 2027.
Immigrants is the smallest by value. — despite almost 75 thousand m2, the fund's share is only 32% (the rest belongs to another fund). It is the asset already performed and the only typical contract, so it is the one of lower weight and lower contractual quality. It was, ironically, what zeroed the accounting vacancy.
Dividends: why did DPS drop from R$ 0.20 to R$ 0.12?
Looking at the history of the last 12 months, it's easy to get scared:
| Periododo | DPS/month | What it was was |
|---|---|---|
| Jun/25X | R$ ZQXX0ZQQXX | Start, fund still allocating fund |
| Aug/25X | R$ ZQXX0ZQQXX | Ramp-up-up ramps |
| Set/25 – Dec/25XX | R$ ZQXX0ZQQXX | Inflated by capital gain of 1o cycle 1o cycle |
| Jan/26 – Apr/26XX | R$ ZQXX0ZQQXX | Transitional |
| May/26X | R$ ZQXX0ZQQXX | Normalized recurring recurring, without capital gain. |
The drop from R$ 0.20 to R$ 0.12X It’s not deterioration — it’s standardization.. The plateau of R$ 0.20 between September and December of 2025 was inflated by the distribution of the 1o capital gain from divestment cycle cycle 1o capital gain cycle cycle cycle (the R$ 101.9 millions). That was a non-recurring event: sold the shed, distributed the profit, finished. To expect that level to continue would be the same as confusing the salary with the 13o.
O O O and guidance guidance. The fund manager of the fund manager is clear: R$ 0.12/unit/month for the next 12 months, in the range of R$ 0.10 to R$ 0.14. This is the real recurring dividend, sustained by the income from contracts already signed (with immigrants performing and the atypical locked). About the current price, this gives it. 13.28% DY% 13.28% DY The year.
The dilemma of the box: healthy or worrying?
Here lies the part that separates the attentive investor from the unwary. The model of cycles of the Captaincy. DPS generates structurally volatile structurally volatile DPS: low distribution while developing (capital going to work), peak when divest (capital gain), and normalized level of recurrence in the middle. From R$ 0.03 to R$ 0.20 in 12 months is not instability — it is the product design.
That's it. God’s righteous and righteous and righteous and righteous and righteous and righteous and righteous and righteous ones with one zeal a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous and a righteous righteous and a righteous and a righteous righteous and a righteous righteous and a righteous righteous righteous righteous righteous righteous righteous righteous righteousness and a righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous righteous (dividend + unit appreciation), but it is. Bad for those who need a predictable monthly income.. A retiree who lives on income should not depend on a fund whose DPS varies over a cycle. Already an investor in the accumulation phase, who reinvests, captures the TIR full model — and that TIR was more than 19% in the 1o cycle.
Comparative with paper pairs paper pairs
A point of honest attention: the DY standardized 13.3% CPLG11, although good, stays. below paper funds below paper funds (CRI), who today deliver 14% to 16% of DY. The difference is of a nature: the paper fund pays more because it distributes debt interest (income that does not grow and wears out with high inflation), while the CPLG11 pays rent indexed to IPCAXQ More and more. the capital gain expectation of the next divestment. Compare the two just for DY is compare orange with apple.
Valuation: 9% premium is justified?
The CPLG11 trades to the ZQX1P/VP of 1.09X — that is, the market pays R$ 1.09 for each R$ 1.00 of net worth. Are 9% premium on the equity value of R$ 10.52/quote. The obvious question: Why pay above book value?
The answer is that the The property value still registers the sheds in construction near the construction cost, not by the value that they will have ready and stabilized.. When Jacareí and SJP are delivered and revalued at market cap rates, the VP tends to rise — and today’s premium becomes discount. The P/VP of 1.09 is, in practice, the marketplace. anticipating the capital gain of the 2o cycle ZQXo capital gain. It is the same logic that validated the 1o cycle.
The mathematics of interest: the real spread with NTN-B in 7.54%%
The risk that presses this premium comes from fixed income. In May, the a NTN-B of 10 years rose from 7.39% to 7.54%% to 7.54% — the public bond indexed to IPCA is the "opportunity cost" of any real estate income asset in Brazil. If a government bond pays IPCA + 7.54% without credit or construction risk, what premium does the CPLG11 need to pay to make sense?
The fund delivers, in yield on cost, IPCA + ~10.7% average (weighted average between 10.90% and 10.50%%). Against the NTN-B of 7.54%, this is one. Real spread around 3.2 percentage points real spread around 3.2 percentage points On the sovereign title. This spread is the remuneration for: (1) risk of execution of works, (2) risk of tenants’ credit — low, given the degree of investment, and (3) the upside of capital gain in divestment. With 3.2 p.p. spread, the premium is up. Reasonably justified reasonably justified — but it is a margin that shrinks if long interest rates continue to rise.
The fair price range that I sustain:
What happens if the work delays?
It is the scenario that brings down the unit to the floor of R$ 10.50. A delay in Jacareí (61% of the portfolio) means: contracted income that does not begin to flow on the expected date, labor cost that can break the budget, and — worst of all — risk that the favorable window of interest closes before delivery. The fund mitigates that with it. zero leverage zero leverage zero leverage zero leverage (does not have debt pressing the cash) and first-line builders under professional project management (PMG). Even so, delay of work in development is the number one risk here — and the unit holder needs to price this, not ignore it.
For whom it is (and for whom it is not)
The CPLG11 makes sense to you if.
You're in it. Accumulation phase accumulating phase, reinvest dividends and look for dividends. Return Total Re Re Re Re Re Re Re Re Re Re Re Re Re Re Total Re Re Re Re Re Return Total Re Re Re Re Re Re Re Re Re Re Re Re Re Re Re Re Re Re Re Re Re Re (income + valorization). You understand the cycle model and you don't freak out with variable DPS. Do you want exposure to logistics AAA with investment grade tenants and tolerate waiting 12 to 18 months for the works to mature? You rely on the track record of the Captaincy (TIR >19% in the 1o cycle).
The CPLG11 does not make sense if.
you the you’s not the you’’s you not you’’’ you not not you you you not you’’’ not not you you you not not you you not not not you you you not not not you you not not you not you you you not not you not not you you you not not you you not not you you you you you not not not not you you you you not not you you you not you you not you you you you you you not not not not you you you you you you you you not not not not you you you you you you not not you you you you you you you you you you you you you you you you you you you you you you you you you you not not not not not not not not you you you you you you you you not not not you you you you you you you you you you you you you you you you you you you you you you you you you you you you you not not not you you you you you you not not not not not not not not you you you you you you you you you you you you you you you you you you you you you you you you you you you not you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you not not not you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you not you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you not you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you Vive da renda mensal vive da renda mensal and needs a predictable DPS — the cycle model will frustrate you. You want the largest DY on the market right now — paper funds pay more in the short term. You do not tolerate risk of execution of work. Or do you believe that long interest rates will shoot and compress the entire brick sector: in this case, the P/VP prize 1.09 turns into a trap.
Where does he stay in the logistics bucket?
| FII | Note ZQX0ZQQXX Note RAPX | Position Position Position |
|---|---|---|
| FIIP11 | 7,0 | Bucket 1o 1o |
| CPLG11 | 6,5 | Bucket 2o 2o |
| MCLO11 | 5,7 | Bucket 3o 3o |
In the absolute note the CPLG11 brand 7.0 (ACUMULAR). In the relative dispute of logistic brick he stands in 6.5, behind the FIIP11 — which offers rent already stabilized, without the risk of work that the CPLG11 still carries. It is the difference between the one who delivers and the one who promises to deliver.
Verdict: the thesis has improved, the risk has changed place.
Recommendation: ACUMULAR (absolute, note 7.0) | MANTER (relative, note 6.5)
For those who already have: Maintenance. Zero vacancy contract, zero leverage, two investment grade tenants locked in IPCA for a decade, and a track record that validated the model in the 1 cycle. Nothing here asks for sale.
For those who want to enter: accumulate gradually, aware that you pay 9% of prize over the VP betting on the execution of Jacareí and SJP. The best entry point arises if the unit retreats to close to R$ 10.50 in an eventual scare of interest or work noise.
For those looking for predictable monthly income: avoidance. avoidance. The cycle model wasn't made for you — look for already stabilized brick or high-quality paper.
The May RG did what it promised: zeroed the vacancy, closed the three contracts and gave visibility of 10 to 12 years of income indexed to inflation with Mercado Livre and Amazon. The thesis has actually improved. But the risk did not disappear — he did. Changed place Changed place. It left the "vacation and tenant" column and entered the "work execution and interest curve" column. Whoever buys CPLG11 today is not buying a ready-made income fund; they are buying it. 2o Captaincy cycle before it happens, with the history of the 1 cycle as the only — but strong — guarantee that the roadmap repeats itself.
